7th PAY COMMISSION NEWS - CENTRAL GOVERNMENT EMPLOYEES NEWS

Income Tax exemption limit should be raised to Rs 5 Lakh: Arun Jaitley Arun Jaitley, one of BJP’s prominent leaders says that raising income tax slab to Rs 5 lakh will benefit more than thirty million people in the country. He also added that direct tax should be reduced, If the Income Tax limit is raised from Rs. 2 lakh to Rs. 5 lakh, 3 crore people will save Rs. 24 crore which will lead to a small impact of 1 to 1.5 per cent of the National Tax Fund. All 100% of the Government employees pay taxes without fail, all the time. There is no doubt about it.

RATES OF INCOME-TAX AS PER FINANCE ACT, 2013 As per the Finance Act, 2013, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2013-14 (i.e. Assessment Year 2014-15) at the following rates: 2.1 Rates of tax A. Normal Rates of tax: S. No Total Income Rate of tax 1 Where the total income does not exceed Rs. 2,00,000/-. Nil 2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/- 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/- 3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. 4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 Per cent of the amount by which the total income exceeds Rs. 10,00,000/- B. Rates of tax for every individual, resident in India, who is o...

Income Tax Refund Status - Check your status through online... 'Refund Banker Scheme' - Check your Income Tax Refund status through online The Income Tax Department has already introduced the provision to know the status of Income Tax Refund through online. As shown in the official website of TIN-NSDL you can verify the status of refund for the assessment year 2003-04 to 2013-14. Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker - by entering 'PAN' and 'Assessment Year' in the prescribed place of the webpage. The details are given for recollecting the information... Tax Information Network of Income Tax Department REFUND STATUS Refund Banker The 'Refund Banker Scheme,' which commenced from 24th Jan 2007, is now operational for taxpayers assessed all over India (except at Large Taxpayer Units) and for returns processed at CPC (Centralized Processing Centre) of the Income Tax De...

Income Tax Refund : Interest on Income Tax refund amount due to delay The below information was said in a written reply to a question about interest paid on income tax refund amount due to delay in Lok Sabha by the Minister of State for Finance Shri.S.S.Palanimanickam on 1st March, 2013 as follows... The Income Tax Act 1961, stipulates that refund to a taxpayer shall include interest on excess collection of taxes, as under: i.    In case of processing of the return of income: From 1st April of the Assessment Year to the date of processing of return, and ii.    In case of giving effect to appellate orders etc: From the date/s of payment of excess tax to the date of giving effect to the appellate order. It is hence submitted that payment of interest on refund is not on account of delay in issuance of refunds but is a statutory obligation arising on account of provisions inbuilt in the law itself. The amount of funds spent on payment of interest on exce...